SWEDEN: H&M sales slip in February
Fashion retailer H&M has reported a 3% fall in February like-for-like sales - the fifth month in a row of year-on-year declines.
The retailer blamed the drop in store, internet and catalogue sales on the shorter month, which had one shopping day less than last year.
Total sales for the group were up 5% in February, including VAT in local currencies.
The retailer, which operates 2,818 stores, said the results mean its sales in comparable units fell 3% in the first quarter.
Total sales in the quarter to 28 February were 6% higher than a year earlier in local currencies, but were depressed to SEK33.15bn including VAT - a rise of 2% - when converted to Swedish krona.
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